Paper gains exceed Godrej Properties' whole H1 FY27 pre-tax profit

Godrej Properties, which calls itself India's largest home builder by sales, lifted revenue 161% to ₹1,935 crore in the September quarter (Q2 FY27), its results of 23 October show. Yet profit for shareholders fell 62%, from ₹405 crore to ₹154 crore.

The fall did not come from homes. Revenue minus all expenses was a loss of ₹542 crore, close to last year's ₹561 crore. What fell was other income, money earned outside sales: down ₹573 crore, to ₹637 crore from ₹1,210 crore. That is more than the whole fall in profit before tax and joint ventures, from ₹649 crore to ₹95 crore.

A developer books revenue only when a project is complete, so revenue comes in jumps. This quarter, ₹1,589 crore of revenue, or 82%, came from 1 Pune project, Mahalunge, where 2 million sq ft was completed. Bookings, the value of homes sold, fell 6% on the year to ₹8,008 crore and reach revenue only when their projects finish.

Much of the profit is also only on paper. The half-year cash flow statement takes out ₹871 crore of fair value gains: when Godrej Properties buys out a partner to take control of a joint project, or sells part of one and gives up control, it revalues the stake it holds and books the rise as profit. Those gains were 1.5x the half's whole pre-tax profit of ₹578 crore. Without them, H1 FY27 shows a pre-tax loss of ₹293 crore.

A year earlier these gains were ₹1,815 crore, also more than that half's ₹1,427 crore pre-tax profit. Their ₹943 crore drop exceeds the whole ₹848 crore fall in pre-tax profit. The chairperson expects recent years' growth to show in reported results in FY28. Until then, the reported profit says more about deals with partners than about selling homes.

Other income, not homes, cut Godrej Properties' Q2 profit

July to September 2025 and 2026, in ₹ crore. Revenue minus all expenses was a loss both years, so profit fell with other income.

₹ CRORE

Other incomeRevenue minus all expensesProfit before tax, leaving out joint ventures

Other income is money earned outside sales, such as interest. Profit before tax, leaving out joint ventures (projects built with partners), is other income plus revenue minus all expenses.

Godrej Properties, NSE filing of 23 October 2026: results for the quarter to 30 September 2026, whole group · Q2 FY26 and Q2 FY27

1 Pune project gave Godrej Properties 82% of Q2 revenue

Revenue by project, July to September 2026, in ₹ crore. Revenue is booked only when a project is finished, so 1 project can carry a quarter.

₹ CRORE, JULY TO SEPTEMBER 2026

• Mahalunge, Pune1,589 82.1%
• Every other project346 17.9%

Every other project: 5 named projects and others, as the presentation lists them.

Godrej Properties, NSE filing of 23 October 2026: results presentation, Q2 FY27, total income by project · Jul to Sep 2026

Without paper gains, Godrej Properties made an H1 FY27 loss

Profit before tax, April to September 2026, in ₹ crore. Paper gains on joint ventures brought in no cash and were 1.5x that profit.

Godrej Properties, NSE filing of 23 October 2026: cash flow statement for the half year to 30 September 2026, whole group · H1 FY27

Sources

• Godrej Properties, NSE filing of 23 October 2026: unaudited standalone and consolidated results for the quarter and half year to 30 September 2026 (PDF)
• Godrej Properties, NSE filing of 23 October 2026: press release on Q2 FY27 results (PDF)
• Godrej Properties, NSE filing of 23 October 2026: results presentation, Q2 FY27 (PDF)